If that’s true, then there’s one huge difference.
There’s no dry powder for the government to ease. Actually, the government could do more, on the fiscal side, but not only is it not going to happen, it’s going to be the reverse. The US is about to get fiscal austerity.
And pray to God if there are concerns about the banking system again, because there’s no way anything like TARP could get passed in the current environment. No way.